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tv   Cavuto on Business  FOX Business  June 12, 2016 8:30am-9:01am EDT

8:30 am and check out our website at i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back. and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to show you how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape because information is power. and the property man has got you covered. ♪
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thanks for joining us. i'm bob massi. i'm 1954, walt disney began construction on what he envisioned to be a magical place for families on the site of a former orange grove in california. >> walt disney is a man who had a dream, a dream to take raw land and, with courage and conviction, build a magic kingdom called disneyland. >> disneyland was a huge success. but walt disney knew that hardly anyone crossed the mississippi to travel to disneyland. so he needed a place on the east coast. >> the requirements were good weather and also a populous destination. >> walt disney saw the unlimited potential of central florida. >> the area around orlando was mostly orange groves, swamps and farmland. >> there were only 7,500 total residents in osceola county back in the early '60s. >> there weren't, for miles, any utilities that people could have even connected to. >> nothing but cows and oranges.
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>> with the florida turnpike and interstate 4 under construction, well, disney made his decision. but he kept it very quiet. >> well, they had to buy up the land very secretly because as soon as you said disney was coming to central florida, the land values would have gone through the -- the roof. >> he actually formed several fictitious companies. >> about 36 different real-estate companies, none of which knew what the others were doing. >> in 1964, he began quietly buying up millions of dollars' worth of land a few thousand acres at a time. >> without anybody really being aware of what was going on. >> in the beginning, there was a couple names that the project went by -- project x, project future and project east. >> these companies started purchasing 47 square miles, 30,000 acres. >> twice the size of manhattan island, larger than the city of san francisco. >> and it was quite an epic vision that he had for what everybody else looked at to be undevelopable swampland. >> eventually, word got out. >> walt disney
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will bring a new world of entertainment, pleasure, and economic development to the state of florida. >> unfortunately, in 1966, walt disney died. but his brother, roy disney, took over to make sure that his vision was gonna come to life. >> disney convinced the state to actually turn the area into a special government district called the reedy creek improvement district. >> the reedy creek improvement district was a novel form of regulatory government. it was passed by the florida legislature. >> this gave disney basically the powers of an incorporated city, which is very strong. >> they could acquire land, levy taxes. it had control over pest control, water and flood control, and fire services. >> disney is its own local government. and i don't think that would ever happen again in florida or probably anywhere else. >> the 2-year, $400 million construction project employed more than 9,000 people. >> lots of different construction companies that had experience
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with very large projects were brought into florida. >> finally, in october of 1971, the doors to the magic kingdom were opened. over the next 2 years, more than 20 million people visited, and 13,000 found work there. >> in 1971, we had one theme park, the magic kingdom, two hotels. that was all that there was. it's evolved to now almost 65,000 people employed. >> its four theme parks, two water parks, golf courses, resort hotels and not to mention retail. >> it's thought to have a direct $50 billion economic impact for the state. it helps to bring in over 60 million visitors year after year. >> suddenly, orlando was florida's fastest-growing city. and other brands... guess what? they took notice. >> not long after the magic kingdom opened, seaworld opens. >> and disney kept expanding. epcot was built in 1982. then came universal studios in 1990, which added city walk in 1999 and islands
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of adventures after that. >> in order to visit all the attractions here in central florida, we need 67 days. >> what does this all mean for the area? billions in tourism dollars, hundreds of thousands of jobs, and all kinds of indirect impact. >> it has been, obviously, transformational. >> all of a sudden, we had to take care of all of these guests that are coming. we have to have the infrastructure. >> businesses, financial services, hotels, restaurants. >> like everywhere else, the economy crash of 2008, well, it hit the orlando area pretty good. but as people started returning to the theme parks, the effect on the area and the housing market was very noticeable. >> as our parks started to regain visitors, more people were going to work, more people needing housing, the apartments, foreclosures, you know, dropped. >> lumos maxima. >> after universal's harry potter theme park opened in 2010 and legoland in 2011, both visitors and people looking to relocate, they flooded the area.
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more than 80,000 new residents arrived in 2010 alone. employment at universal orlando jumped from 13,000 to 20,000. disney is the region's biggest jobs factory, with 74,000 employees. and they are still expanding. >> it's not just the people working in the parks, but all the multiplier effect. you've gotta have the doctors and the dentists and the lawyers, all of those kinds of things that support that. >> and, obviously, with that comes the need for more ability to have residences close by. >> formerly foreclosed houses end up getting snatched up by the theme-park workers hired to keep up with the swelling crowds and expanded parks. >> we were able to recover faster than a lot of communities. >> for every 80 guests that come as tourists to the state, one job is created. so with over 60 million tourists, it's integral to us sustaining a thriving workforce as well. >> by the beginning of 2015, once foreclosed homes made up about 30 percent of all the home sales in the region.
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not many people would have predicted this back when walt disney flew over central florida in the 1960s and decided to quietly start buying up land. when we come back, i'm gonna take you inside this house behind me to show you why it's so special. ♪ i have asthma... of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose asthma is well controlled on a long-term asthma control medicine, like an inhaled corticosteroid.
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once your asthma is well controlled, your doctor will decide if you can stop breo and prescribe a different asthma control medicine, like an inhaled corticosteroid. do not take breo more than prescribed. see your doctor if your asthma does not improve or gets worse. ask your doctor if 24-hour breo could be a missing piece for you. see if you're eligible for 12 months free at
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♪ >> thanks for joining us. i'm bob massi. i want to tell you about a property that is changing the life of an amazing family. in june of 2004, u.s. army specialist hugo gonzalez found himself on patrol in baqubah, iraq, when his unit came under attack from insurgents. >> it was part of the sunni triangle, very hard place to be. >> being in a firefight was nothing new to specialist gonzalez. but this battle was intense. >> none of the gun battles and close calls that we got could ever prepare me for the tribulation that lays ahead of me after that night that i got mortally wounded
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in a dusty alley in baqubah, iraq. >> his humvee took a direct hit from an ied. and bomb fragments ripped through his skull even as the firefight raged around him. >> by the time i get to hear the cease-fire order, i was already blinded, calling for my mother, and scared to death. >> hugo had suffered a traumatic brain injury, had internal bleeding, and had injuries to both eyes. he spent 2 days in a coma and had to have part of his skull removed to combat the swelling. his fiancée, annie, was back home in the dominican republic, not knowing if he would live or die. >> she have all the opportunity at that time to say, "i think i -- i don't gonna be able to handle that." instead of that, the only thing that i got from her is that "i will continue with you until the end of my days." >> the recovery was long and grueng. >> penetrating traumatic brain injury that left me legally blind
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among other things. >> back home, annie became hugo's support system, helping him recover. >> it takes an exceptional person to love a warrior, especially a warrior whose war will never cease. >> they married and had three beautiful daughters. hugo heard about the group building homes for heroes. building homes for heroes builds and gives mortgage-free homes to severely injured vets. the group was started by andy pujol, a long island businessman who watched the twin towers fall. and he vowed to dedicate his life to helping american veterans. >> we're on target for 50 homes in 2016. and, uh, we have high hopes of doing the same in 2017. >> i call him my personal war hero because there are many ways to serve your country. it is not true anymore that you need to wear a military uniform in order to make a big contribution to this country. >> we over thousands and thousands of applicants.
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and hugo was very special. >> for this home, chase bank donated a formerly foreclosed property. and, with the help of kirchman construction, building homes for heroes began completely renovating it. >> i'm -- i'm a volunteer contractor for building homes for heroes. i'm not getting paid a penny. the roof trusses, the kitchen sink, outdoor unit was just delivered. everything outside you see has been donated. >> everything in this house is designed to hugo's specific injuries and to help him get around. phenomenal type of technology that now exists for people with these type of injuries. the flooring services and style in every room is designed to be different so that hugo can know, by the sense of feel, what room he is in. >> so when he has his cane, he can feel the different textures walking into the kitchen area. >> there's a -- a voice-activated thermostat, which he can control from his iphone. >> it will actually read to him the temperature of the room. >> 79 degrees. >> although he is legally blind, hugo does still have some light
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perception. so blue led lights will be projected onto the floor. >> that'll help him navigate to get to his children at night, come up and down the stairs safely. ♪ >> about a month before they were to be handed the keys, the house still under construction, we brought hugo and his family by to check the place out for the first time. >> oh, my god. >> i love to see the smile on the faces and -- and the, uh... you hear the -- the girls, you know, the elation in their voice. >> his sight may be gone, but walking through the door, hugo instantly could feel his family's excitement. >> getting to perceive the great emotion that my daughters and my wife was receiving, i assure you that i feel it twice. >> last night, i could -- i couldn't -- i couldn't get my sleep, thinking about so many emotions at the same time. i only feel it twice
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in my life... when i was about to see my daughters' faces... >> [ speaking spanish ] >> and today. >> how does this impact you? >> it's way much more than building houses. it's saving lives, sir. >> in a month from now, their lives will be forever changed. you know, they won't have to pull out that checkbook and write a check for rent or for the mortgage. >> it frees up money for college for their girls. >> it's gonna be a night-and-day difference when you guys come back. >> do you like it? >> yeah. >> it'll be, like, awesome. >> it's gonna be like -- like three princesses going in a palace. >> and every time we go past it, we're like, "yay." >> once we step in this house and finally make it a home, i assure you that the future is very bright. ♪ >> finally, the big day arrived.
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and it was time for specialist hugo gonzalez and his beautiful family to come home. >> hugo, annie, and girls, welcome to your new home. >> i would like to express my deepest and eternal appreciation to all the people involved in making our forever home a reality. [ cheers and applause ] hearing my daughters seeing their room for the first time and screaming... >> ah! >> i assure you that that feeling will be with us in this house for the rest of our life. from the heart of a warrior, thank you very much, building homes for heroes. >> and you can help these guys build more homes for people like hugo. go to to find out how.
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still to come on "the property man," one of the most stunning homes i've ever seen. ♪ what super poligrip does for me is it keeps the food out. before those little pieces would get in between my dentures and my gum and it was uncomfortable. just a few dabs is clinically proven to seal out more food particles. super poligrip is part of my life now. kennetthis afternoon closinfor auditions? what's on that piece of paper? oh, miss maroney, your forehead! should not be doing anything. i just had botox. i know exactly what's happening! ah! whoa!
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♪ >> welcome back. i'm bob massi, the property man. for most of us, stepping inside a multimillion-dollar mansion is not something we do every day. most of us don't live in palm beach, florida, however. the 10-square-mile strip of beach is florida's easternmost city and known for its pristine coastline, trendy restaurants, and high-end shopping boutiques. so selling a home in palm beach, well, a bit different than doing it in any other part of america. so i asked the mother-and-son team of paulette and dana koch to show me some of these listings.
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this seven-bedroom property sits on the edge of lake worth, which separates palm beach from west palm beach. listing price just under $35 million. >> the house has just over 19,000 square feet. it lives on three levels. >> the trilevel compound was designed in 1986 by renowned architect milton klein and then was completely restored and renovated in 2008. you're immediately struck by views, with 200 feet of frontage on lake worth. >> there's a beautiful indoor-outdoor entertaining space that brings the outside in, which is very typical of the way people want to live when they come to palm beach. the view corridors that you have from all the rooms facing the water are unbelievable. >> you're about less than 5 minutes to the inlet, which takes you right out to the atlantic ocean.
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>> and i noticed how the house is well-buffered on both sides. >> well, one of the nice things about this piece of property is you're on an acre. >> yeah. >> and that's a rarity in palm beach. >> the fact that there are no neighbors to the south and west and the home has a unique 21-foot-high elevation creates a feeling of seclusion and privacy. the contemporary architecture makes this home feel truly unique. and it's an art-lover's dream. everywhere you look, there's some sort of beautiful sculpture of artwork. >> these particular owners have an eclectic taste in art. they attend every art fair you can imagine. and there's great wall space in the house, as well as great space for sculptures. and it just lends itself, with the natural light... >> mm. >> and everything else thatomes through this house. >> off of the kitchen there's another outdoor area that has a -- a wood-burning pizza oven. you have a cabana bath, outdoor showers. your putting green is
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on the other side. >> walking through the home, it doesn't feel overwhelming, although tucked away on the main two levels are seven bedrooms, along with 10 full and six half bathrooms. >> this is a downsview kitchen that is very customized, an integration of various materials. you have high-gloss lacquered cabinetries, beautiful stainless steel, glass, granite countertops as well as concrete. it's a true state-of-the art. it's inviting. and it's very manageable, bob. i think that's what people... >> it is. >> ...really enjoy about this. you know, there's a crestron system in the house. so you can control your shades, your music, your air conditioning. >> the lower level features a sophisticated theater media room with seating for 12. also on the lower level is the spa with an adjoining exercise room. and take a look at the wine cellar. it's completely computerized, with room for 5,000 bottles of wine and champagne.
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talk about a party. >> it truly is self-contained. >> absolutely. >> i mean, you don't have to -- you really don't have to leave it. >> you never have to leave. you know, it's like a little mini resort. >> up next, i get a lot of viewer e-mails. and it's time to answer some of your property questions in the massi memo. ♪
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♪ >> time now for the massi memo.
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each week, i get hundreds of e-mails filled with all types of property questions. this one comes from karen from my hometown in las vegas. first of all, a revocable living trust in and of itself is not what we call an asset protection vehicle. what you need to do is go to an estate planning lawyer and have them map out what is the best way to protect your assets simply because of the fact that there's different type of trusts that are available, but it may not suit your needs. all too often, again, people put their children's name on homes. if, in fact, he's going to invest in the property, is that asset exposed? potentially it is. but there's ways to set up asset protection, such as what we call serious llcs, irrevocable living trusts. again, a competent estate planning lawyer could help walk you through this problem. brian from meritt island, florida, writes...
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okay. first of all, let's define a zombie foreclosure. zombie foreclosures are those items where either you filed bankruptcy and your debt was discharged or you abandoned your home because you thought there was gonna be foreclosure and the lender never foreclosed on your home. absolutely move back in. why not? if the lender's not willing to take care of the home and get it out of your name, you're still responsible if there's somebody injured on a property. you're responsible for property taxes, homeowners' insurance, hoa dues. move back in and enjoy it. and just tell the lender, "whenever you want to foreclose, guys, we're here. but we're back in, enjoying our home." that's what you need to do because there's no easy way to force a lender to foreclose on that property. i've got a lot of information about zombie foreclosures and much more on our website...
9:00 am be sure to send me your questions or property stories at that's it for today. i'm bob massi. i'll see you next week. ♪ and good night from new york. >> announcer: this show has never been solely about investments. we talked about anything that affected people and their money. from new york city the new "wall street week." anthony: welcome to "wall street week." i'm anthony scaramucci. gary: i'm gary kaminsky. it's been one week since wall strend


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